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This website breaks down the understanding of business insurance and the commonly used types that can be provided to a business. Although it is highly recommended for a small, medium or large businesses to have business insurance, not all are aware of how important it can be in terms of saving the business and avoiding liabilities. The article expresses that without business insurance, it is crucial to at least work with an experienced, licensed insurance broker. As for the common types of business insurance, there are 6 listed on this website that are fairly self-explanatory: professional liability, property insurance, home-based business (will need additional coverage), product liability insurance, vehicle insurance, and business interruption insurance. I chose this website because it is very straight forward and describes the types of insurance very well.

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What Is Business Insurance?

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.

Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Understanding Business Insurance

It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker. You can obtain a list of licensed agents in your state through your state's department of insurance or the National Association of Insurance Commissioners.

Also known as commercial lines insurance, these coverages include property and casualty insurance products for businesses. Commercial lines Insurance helps keep the economy running smoothly by protecting businesses from potential losses they couldn't afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so.

Commercial policies may be contrasted with personal lines insurance.

Types of Business Insurance

Several types of business insurance that small business owners might consider, including the following:

Professional Liability Insurance

Professional liability insurance insures against negligence claims that result from mistakes or failure to perform. There is no one-size-fits-all professional liability coverage. Each industry has its own unique concerns that should be addressed.

Property Insurance

Property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm or theft. However, it doesn't cover mass-destruction events like floods and earthquakes. If your area is at risk for these issues, you'll need a separate policy. Another exception is personal property that is very high value and expensive-this is usually covered by purchasing an addition to the policy called a "rider." If there's a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.

Home-Based Businesses

Homeowner's policies don't cover home-based businesses like commercial property insurance covers businesses. If you're operating a home-based business, inquire about additional coverage for equipment and inventory.

Product Liability Insurance

If your business manufactures products to sell, product liability insurance is very important. Any business can find itself named in a lawsuit due to damages caused by its products. Product liability insurance protects a business in such cases.

Vehicle Insurance

Any vehicles used for business should be fully insured. At the very least, businesses should insure against third-party injury, but comprehensive automobile insurance will cover the vehicle in an accident, as well. If employees are using their own cars for business, their own personal insurance will cover them in the event of an accident. One major exception is if a person is delivering goods or services for a fee, including delivery personnel.

Business Interruption Insurance

Business interruption (or continuation) policies are a type of insurance that is especially applicable to companies that require a physical location to do business, such as retail stores or manufacturing facilities. Business interruption insurance compensates a business for its lost income during events that cause a disruption to the normal course of business.

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Business Insurance: Definition, Types, and Importance

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Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

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This website explains the importance of having insurance for your small business. Instead of referring to the broad aspect of business insurance as a whole, it classifies it into 4 main categories of common insurance coverages. It goes into depth with property damage, along with prolonged shutdown. In situations like these, seeking property insurance and business interruption insurance is a great way to cover your losses of profit in the time being. Most of these insurances are customizable to your business and will create a quota based on what your business will need and can afford. I chose this website because it has a good amount of information on why business insurance is important and what it can help with.

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Insurance, in some form or another, has been around for most of human history; we speculate that it's been around since before recorded history. Traditionally, this insurance was not often used to secure property; rather, it was used by businesses to ensure commercial ventures. Maritime insurance (Boats and Cargo) was particularly common. Back in the early days, Lloyds of London (arguably one of the world's oldest insurance brands) was, in fact, nothing but a coffee shop. People of wealth would come and have a coffee and would agree to get together in a group and collectively pay costs if a ship was lost at sea, or moneylenders agreeing to cancel loans if shipments were lost, for an additional fee.

Insurance remains important for businesses today. People often think of property insurance, when they think of business insurance which would cover such things as buildings, equipment, stock, furniture, fixtures, etc. Property insurance is essential for businesses because, without it, catastrophic loss will spell the end of your business. Depending on the nature of your business, we will customize a property insurance plan to cover you against the most likely hazards.

Property damage isn't the only thing that can cost your business money. When you're transacting with the public, especially if you sell goods or products. Even if you are not the manufacturer, you may be found liable if someone is injured as a result of the product or if it has done damage to someone else's property. Commercial General Liability provides coverage if you are sued as a result of the business, including something that happens on the premises, or off-premises. As an example, an electrical contractor could install a light fixture and if found negligent, could be responsible if the building burns down. Professionals such as lawyers, accountants, medical professionals and all manner of other professionals, Errors and Omissions (E&O) insurance, sometimes called malpractice insurance or professional liability, can help if you make a mistake you're found liable for in your professional work. It extends coverage to your advice based on the professional services you provide.

When considering liability insurance, it's important to remember that the insurance will generally cover all legal costs associated with liability claims made against you through a process known as subrogation. We'll run an article on subrogation in the future - for now, what you need to know is even if the building owner has insurance, it will still be you at fault if you are negligent.

Many business owners get all of their income from their business, and a prolonged shutdown can cost them and their business everything. Fortunately, there's business interruption insurance . This type of insurance is complex enough that we'll dedicate a whole article to it in the future, but in essence, it covers your loss of profit (ie. NET Earnings) until your business is back on its feet following a disruption caused by a hazard covered by your insurance.

We live in the gig economy and a lot of people are running a home-based business. Some folks think that their home insurance covers their business activities but that's not the case. Not only would your business not be covered, if you have not advised your home insurance company about the business being run in the home it can invalidate your policy and if you have a claim of any sort (even not involving the business), your home insurance policy can be voided completely and you will have no coverage.,

You can sometimes purchase a Home Based Business insurance policy which can be added to the home insurance policy, but often you will end up needing to purchase a small business insurance policy. It is very important to have your broker co-ordinate this policy with your home insurance company and when possible it is recommended that coverage be written with the same insurance company that provides the home insurance. Our insurance company in Winnipeg can help you better understand what falls under home insurance and what doesn't.

The nice thing about small business is that they will often qualify for a small business insurance package. These policies bundle together a bunch of coverage's into one policy and usually provide a significant number of frills and enhancements. This type of coverage tends to be less expensive than purchasing standalone coverage.

We will also help find the best commercial insurance policy for you. There are so many advantages to getting insurance for your small business, but the key takeaway should be this: when things go wrong, you want your business to continue to operate. Risk mitigation is a key strategy for any business and good business insurance helps you mitigate risk and increase success.

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The Importance of Insurance For Your Small Business - Reider Insurance

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Insurance, in some form or another, has been around for most of human history; we speculate that it's been around since before recorded history. Traditionally, this insurance was not often used to secure property; rather, it was used by businesses to ensure commercial ventures. Maritime insurance (Boats and Cargo) was particularly common.

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This website is an actual example of a Canadian business insurance company. It is called Insurance Bureau of Canada (IBC). This company’s website provides a list of issues that have and are currently impacting commercial insurance such as COVID 19, rising costs, climate change, and the economic environment. Just below is IBC’s action plan to support business owners who are going through challenges such as the ones listed above. Launching a commercial task force as well as launching a business insurance action team are just two of the ways they plan to help. I chose this website because I wanted to get insight on at least one insurance company and get some idea as to what they offer on a broad spectrum.

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Canadian businesses are facing uncertain and challenging times. COVID-19 has had a devastating financial impact and business owners continue to face new risks and costs.

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This website gives insight to 7 different ways business insurance can save your company. I think it’s important for business owners to understand the benefits of paying for insurance and to know that it is worth the investment; especially when investing in an entire business and have lots of responsibilities and a lot at risk if things went bad. These 7 benefits are:

1.     Reduces financial risks

2.     Protects property

3.     Helps care for your employees

4.     Lessen the financial burden in the aftermath of a disaster

5.     Safeguards assets

6.     Helps support your community

7.     Helps plan for the future with confidence

I chose this website because it is a very positive outlook on what business insurance has to offer for any company.

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As a business owner, you wear a lot of hats. You probably are in charge of making final decisions on just about anything of relevance to run your business, and decision fatigue can quickly sap your energy to make even one more decision.

While you may not want to think about getting business insurance until you actually need it, putting off this critical decision might cost you if you procrastinate.

In truth, experienced entrepreneurs know that business insurance is just as vital as a business plan, a marketing strategy, or product development in ensuring the longevity and health of a business. While the main purpose of business insurance is to protect the stability of a business in difficult or disastrous times, here are seven other ways that business insurance delivers security and preserves your business:

1. Business insurance reduces financial risks

Starting a business can feel a lot like jumping off a cliff. Will my parachute open? Will the wind buoy me or smash me into the bluff? Certain types of business insurance like general liability insurance provide protection from the types of commonplace accidents that happen every day.

General liability protects your company in case of lawsuits for damages that are deemed the responsibility of your company. If your employee drops a large apparatus that takes out a fire hydrant, which floods a house, your company could be on the hook for repairs and other costs. General liability insurance protects your company from these risks.

2. It protects property

If your business depends on equipment or inventory to keep humming through everyday demands, your company could come to a screeching halt if something were to befall those vital resources. Theft is only part of what should concern you, as fire or other disasters can occur at any business in any location.

Once you are insured against property losses, you can have confidence that help will be on its way. If you have years of savings invested in your business, insurance coverage can help preserve your company for future generations, in spite of any threatening disaster life throws your way.

3. It helps you care for employees

While you as the business owner are necessary to keep your business flowing, your employees also contribute to the vitality of your business. In fact, employees can become a part of the work family, and like family, you'll want them to be safeguarded.

There are several types of insurance that protect employees in times of distress like workers' compensation or group health insurance. In either case, you'll be able to provide employees with coverage that helps them return to work more quickly and in better health without putting a strain on your bank account.

Other Articles From AllBusiness.com:

4. You can lessen the financial burden in the aftermath of a disaster

What qualifies as a disaster? Anything that threatens the existence of your company. Depending on the work you do, it could be a claim that your services harmed a client, that your firm didn't complete its contracted services, or an unexpected event that necessitates the relocation of your business.

In the first two cases, professional liability insurance will save your bacon, and in the third case, business interruption insurance can help your company weather the storm-literally or figuratively.

5. It safeguards assets

In the event that a judgment is rendered against your firm, certain types of insurance can provide financial protection and pay damages and costs on behalf of your company, protecting the income generated by your concern. In the event that your company is a sole proprietorship, your personal assets such as property or college savings accounts won't need to be sacrificed to remit payment.

6. It helps you support your community

Even if you don't have a retail location, you may have clients or service people visit your place of business. In the event that a decorative rug or a misplaced box causes injury to your guest, you'll be happy that you have the appropriate business insurance in place to protect them and cover you. By responsibly acquiring this coverage, your actions create a protective umbrella that shields your community.

7. It helps you to plan for the future with confidence

There are few guarantees in life, but with appropriate planning and management, and using established tools like insurance, you prepare a substantial plan for the future and can have reasonable confidence that your strategy will bear fruit.

Insurance removes some of the uncertainty so that business owners can direct the bulk of their energy toward building their businesses rather than devising strategies to respond to unlikely events. When business owners buy the appropriate insurance, they invest in the longevity and continuity of their enterprises-and that makes sense.

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7 Ways Business Insurance Can Save Your Company | AllBusiness.com

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As a business owner, you wear a lot of hats. You probably are in charge of making final decisions on just about anything of relevance to run your business, and decision fatigue can quickly sap your energy to make even one more decision.

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1. What did you learn about your topic that surprised you the most?

After being informed on how essential business insurance can be for any company, what surprised me the most was finding out that there is no statutory requirement for a business to have insurance, although it is very recommended and can save a lot of money.

2. Provide a real-life example of how this topic is relevant or interesting for you?

This topic is relevant to me because I aspire to one day open up my own spa business. Before doing this assignment and researching business insurance, it never even crossed my mind that that would be an expense that would be very useful and important to look into. Especially for a retail business, working on the public and having many different clients a day can encounter all kinds of issues and concerns for the business itself.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

If I could pass on my knowledge regarding business insurance to a family member or friend, I think the most important thing to pass on is to get business insurance if they are thinking of opening up one on their own!! Not only that, but explain the reasoning and why it is so important. Sharing all the benefits as well as all the potential risks they'll take if not going through with insurance will help them better understand.

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This imagine represents how business insurance works. To put it into perspective, the umbrella represents the insurance, and the pile of money sitting underneath is the business itself. The umbrella is what is protecting the money (the business) from any destruction or interruption from the rain. The rain can be compared to any occurring issues in a business such as physical damages or bodily injuries.

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This image demonstrates that there’s not just one field of business that requires insurance. Every type of career comes with its different safety risks, different negligence, and different losses. Although some businesses might inherit other types of insurance and policies because of what they specialize in, all businesses should have general liability.

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In this video, it welcomes the overall picture of what business insurance is and why we have it. It explains how it is necessary for occurrences such as accidents, injuries, negligence, theft or other losses. Just like any other type of insurance, it will help pay for these disasters and protect from liabilities once a disaster occurs.  It further talks about the primary types of business insurance that most, if not all businesses will and should obtain. The 3 most common types are general liability, workers compensation and professional liability. That being said, there are many other policies specialized to match different businesses. I chose this video because I thought it was a great introduction to business insurance and gave great examples in a timely manner.

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Hi there, and welcome to my Padlet! Here, we will discuss the major aspects of business insurance and its importance. I will take you through several videos, websites and images to get a better insight of what business insurance really is, and what it's all about. Hopefully, you find quality information and gain a better understanding of how it works and what to expect in a business setting.

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Although this video is quite short, it was the only one that I noticed that gave a simple breakdown of how the cost of business insurance is determined. Due to the fact that every business is different and will require different insurance policies contribute to the overall cost. Some ways insurance companies will determine your premium is based on the business size, the past revenue, the type of industry it is and past experience you have in a business setting. Regardless, if you are in a small business or multimillion dollar business, it is crucial to incorporate business insurance into your business plan. Anything could happen to your business, especially when working with the public. I chose this video because it was specifically created for Canadian business owners.

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This video gives insight to the unexpected risks and dangers a business might experience such as a fire, theft incident, or an uncontrollable event. Realistically, all of these examples are never expected or called for, meaning a business can never really prepare or prevent incidents like these from happening because they do unfortunately happen. The purpose of this video is to inform others, specifically business owners, to inquire in the right type and right amount of insurance to protect their business from the unexpected. This video also demonstrates what a business can do if they were unable to remain because of a disaster. Business interruption insurance is a type to help cover lost revenue, payroll, and other expenses and costs during this time. I chose this video because I think it is a great example and relates to the current pandemic we are facing. A lot of businesses are and have been going through times of temporary shut down and a decrease in profit. Hopefully this will be an eye opener for them to acquire this type of insurance if they haven't already.

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This video is on a Toronto-based, small business owner who went through 3 unexpected disasters within his own business as a wood worker. He dealt with a fire, a flood, and a thumb injury. He states in the video “I was just watching my business, my livelihood basically going up in smoke” after discussing the fire incident. Even with the most unexpected incidents that are prone to happen, such as the incidents the woodworker faced, it is very necessary and very crucial to incorporate business insurance into something you are investing in. Without it, there’s that chance of losing everything because of things like physical damages or even lawsuits. I chose this video because it was an example of a local business, started from an entrepreneur, who didn’t think or care to have business insurance until he relaxed how important it was for him and the future of his business.

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Urbanproduct - The fire, the flood and the thumb (TruShield Insurance)